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Monday, December 31, 2012 4:41:00 PM
Someone taking the tax loss would not be able to get back in for 30 days, otherwise the "wash sale rule" would apply:
http://www.investopedia.com/terms/w/washsalerule.asp#axzz2GfT01hc7
The transactions we saw could be:
1) Taking a loss, with no intention to repurchase within 30 days
2) Taking a capital gain on a long position
3) Taking a capital gain on covering a short position
In either of the two capital gain scenarios, since any 'fiscal cliff' fixes are likely to include some increase in the long term capital gains rate, selling (or covering) today would lock in the gain at this year's rate.
Also, if the tax rates on 'regular income' also go up on high-income earners, there is a potential for tax savings on short-term cap gains.
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